Yes it will show to a dealer, yes you can still get financing.
As it stands right now, you could probably get financed through a secondary lender, but be prepared to pay a hefty down payment (5-20 percent) and look to buy a late model used, smal to mid size car.
With your score and history you're not likely to be able to get into a new car. It's possible just not likely. With the rates you're liable to get your payment will probably make your debt to income too high for anything bigger. You'll also need to bring your pay stub, a couple of utility bills and your address book, 'cause they'll want 5 to 7 references. You need to be able to show steady employment (at least 6 months at your current employer), verify income, and show stable residency (at least six months at your current residence). If you're not going to be buying for 6 months to a year do everything you can to get your score closer to 600 on all three reports. The higher the score the less hoops, the more lenders may approve you, and with a lower rate you may be able to buy more (or new) car. Be prepared to wait a couple of days, don't try to buy on a weekend. You're not likely to get an automated approval. The finance director will have to get on the phone and personally speak to a loan officer to get an approval. That also means they will probably pull all three of your credit reports, not just a merged "auto" score so they can submit the best possible picture.
Also, when you go shopping save yourself some time. Be upfront with the sales person, tell them you've got credit issues and what kind of budget you're working with. They'll be able to get all the information they need and help you find a vehicle that will work for you so everyone's happy.
Message Edited by uptomyneck on
08-31-2007 09:47 PM
